Ghana Delivers Biggest Rate Hike Ever At 300 Basis Point

Ghana’s central bank announced a 300 basis point hike in its main lending rate, the West African country’s largest ever, after an emergency meeting to tackle the deteriorating economy.
Ghana’s central bank has delivered its biggest rate hike ever, a 300 basis point increase to 22%, at an emergency meeting to address the economy’s rapid deterioration amid crippling inflation. The hike comes just three weeks after it kept its monetary policy rate unchanged at 19% and said it was pausing to observe the impact of a series of record-breaking hikes.
It had been due to meet again in late September, but on Monday it said an emergency meeting was needed. Ghana’s cedi currency has continued its steep decline since the July monetary policy meeting, losing more than 6% against the dollar on Wednesday alone, according to Refinitiv Eikon data. That brought total losses for 2022 to close to 39%.